On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 02/01/2011.
Power of Minister to issue written order relating to acquisition of assets, etc., of postal licensees
26G.
—(1) Subject to subsection (4), where a person acquires the assets or business of, or shares in, a postal licensee (referred to in this section as the relevant person), and the Minister is satisfied that —
(a)
the relevant person is not a fit and proper person; and
(b)
it is not in the national interest to allow the relevant person to continue to own the assets or business of, or to hold the shares in, that postal licensee,
the Minister may issue a written order to the relevant person, the postal licensee or both, directing the relevant person or that postal licensee or both to do all or anything specified in subsection (2).
[34/2007 wef 24/08/2007]
(2) A written order under subsection (1) may direct a relevant person, a postal licensee or both to do all or any of the following:
(a)
to transfer or dispose of all the assets, business or shares acquired by the relevant person in the postal licensee concerned, within such time and subject to such conditions as the Minister considers appropriate;
(b)
to transfer or dispose of any part of the assets, business or shares acquired by the relevant person in the postal licensee concerned only in such circumstances as the Minister considers appropriate.
[34/2007 wef 24/08/2007]
(3) If a written order containing any direction specified in subsection (2)(a) or (b) concerning any shares in a postal licensee is issued, then notwithstanding the provisions of any other written law or anything contained in the memorandum or articles of association, or other constitution, of the postal licensee, the following shall apply for so long as those shares are not transferred or disposed of in accordance with the direction:
(a)
no voting rights shall be exercisable in respect of those shares without the prior and express permission of the Minister;
(b)
no shares in the postal licensee shall be issued or offered (whether by way of rights, bonus or otherwise) without the prior and express permission of the Postal Authority; and
(c)
no payment shall be made by the postal licensee of any amount (whether by way of dividends or otherwise) in respect of those shares unless the postal licensee has the prior and express permission of the Minister to do so or the payment is upon the winding up of the postal licensee.
[34/2007 wef 24/08/2007]
(4) Before issuing any written order under subsection (1), the Minister shall, unless he decides that it is not practicable or desirable to do so —
(a)
give notice to the relevant person or postal licensee, as the case may be, of the proposed written order; and
(b)
consider any written representation made in accordance with the notice in paragraph (a) and not withdrawn.
[34/2007 wef 24/08/2007]
(5) The notice in subsection (4)(a) shall state —
(a)
that the Minister intends to issue the written order; and
(b)
the period within which written representations may be made in relation to the proposed written order.
[34/2007 wef 24/08/2007]
(6) Any person to whom a written order is issued under subsection (1) shall comply with the written order, and the written order shall take effect notwithstanding the provisions of any other written law or anything contained in the memorandum or articles of association, or other constitution, of the postal licensee.
[34/2007 wef 24/08/2007]
(7) Any person who contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
[34/2007 wef 24/08/2007]